According to Fortune, California cryptocurrency executive Adam Iza pleaded guilty in federal court on Monday to plotting the kidnapping of the parents of Veer Chetal, aiming to extort a share of a staggering $245 million bitcoin heist. Iza, 25, also known as Ahmed Faiq, ran a crypto trading firm called Zort and styled himself as “The Godfather.”
The $245 Million Bitcoin Heist
The mastermind of the theft, Veer Chetal, along with two accomplices, impersonated tech support from Google and crypto exchanges to trick residents of Washington state into surrendering access to 4,100 bitcoins—worth roughly $245 million at the time. It ranks among the largest individual cryptocurrency thefts on record, relying on phishing and identity fraud to compromise victims’ digital assets.
Iza learned of Chetal’s massive haul and conspired with others to kidnap Chetal’s parents in order to pressure him into turning over part of the stolen loot. Though the kidnapping was never carried out, Iza’s guilty plea cemented his role in the conspiracy.
Over $37 Million Stolen from Meta
Separately, Iza admitted to defrauding Meta of more than $37 million between 2020 and 2022 by fraudulently accessing business manager accounts and credit lines. The proceeds funded a lavish lifestyle and his crypto trading operations.
Federal prosecutors are now seeking at least 14 years in prison for Iza. The case highlights how some crypto insiders exploit industry know‑how and tech vulnerabilities for cross‑platform crime, and underscores the growing severity of legal consequences for digital‑asset offenses.